agm meeting, page-5

I thought that the AGM presentation read extremely well. However, I am a little concerned with Bendigo "lending" $5 mill to CUS in exchange for cash or share later ..... sounds like a quasi placement if you ask me.

Having said that, CBA sound like a bunch of absolute sh*ts with their debt repayment schedule especially when they know that CUS are $5 mill ahead of budget for the year so far and DC is just around the corner...no wonder Wildash just wants them off his back.

Re the sale of SPS, I am a little dissappointed with the slow progress there, but then again, I imagine that squeezing $10 mill out of banks isn't that easy right now!!

Loved the advertising/phone card/consulting value add business model...again low fixed cost structure which is critical in this market.

NZ news must be close. I know we are waiting for all the card issuers to get with the program. Maybe a new year announcement.

Pickup, I was interested to hear you say that NAB had been talking to Wildash about their network. I know a few people in the industry and they are telling me that NAB are still very short of ATM's with DC on its way... the point being, the more of the ATM pie you have, the more foreign transaction fees you pick up relative to your competitors.

All in all pretty satisfactory. As of Monday we are trading deferred settlement stock at $1.00-$1.05....dont forget to divide your holdings by 10 or you will find yourself short on any sales. Have a good w/e everyone.